IT services major Infosys on Wednesday said it will purchase assets and onboard employees of Carter Digital, an Australian experience design agency.
“This asset takeover strengthens Infosys’ global design and experience offerings, demonstrates its continued commitment in bringing innovative thinking, talent and creativity to its clients, and provides effective global digital solutions,” Infosys said in a regulatory filing.
Carter brings to Infosys, experts in human-centred design, experiential, enhanced digital transformation, customer interaction expertise, and will also cement WONGDOODY (an Infosys brand) into the Australasian market, it added.
This is an asset purchase and the transaction is expected to close during the fourth quarter of fiscal 2021, subject to customary closing conditions.
Together with Infosys’ earlier acquisition of WONGDOODY that offers creative and marketing services, Carter brings complementary capabilities to help global CMOs and businesses thrive in a digital commerce world.
As part of Infosys’ global design and experience offering, Carter Digital will be rebranded as WONGDOODY and join its network of studios across Seattle, Los Angeles, New York, Providence, Houston, and London, as well as design hubs in five Indian cities, the filing said.
“Australia is a strategic market for Infosys and the company has enjoyed strong and consistent growth serving marquee clients across a range of industries from telecom and financial services, to utilities and the public sector,” Infosys Senior Vice President and Region Head for Australia and New Zealand Andrew Groth said.
He added that as digital experience becomes a critical differentiator in most enterprise transformations, the addition of Carter’s capabilities reaffirms Infosys’ commitment to help clients navigate their digital priorities with a complete end-to-end offering.
The filing also noted that based on the recommendations of the Nomination and Remuneration Committee, Infosys Board approved grant of annual Restricted Stock Units (RSUs) worth Rs 3.25 crore to Infosys Chief Executive Officer and Managing Director Salil Parekh.
“The RSUs are issued under the 2015 Stock Incentive Compensation Plan (“the 2015 Plan”). The grant date for these RSUs is February 1, 2021,” it added.
The RSUs would vest over a period of three years and the exercise price of RSUs will be equal to the par value of the shares. Value of each RSU will be the closing trading price of the share on National Stock Exchange as of the grant date.
Infosys Board also approved the grant of annual Restricted Stock Units (RSUs) worth Rs 1.75 crore to one key management personnel (KMP), in accordance with the terms of his appointment.
The RSUs are issued under the 2015 Plan and the grant date for these RSUs is February 1, 2021. The RSUs would vest over a period of four years and the exercise price of RSUs will be equal to the par value of the shares, the filing said.
Besides, Infosys’ Independent Director Punita Kumar – Sinha has retired, effective January 13, 2021 (close of business hours) upon completion of her tenure.
Her term of appointment was from January 14, 2016 till January 13, 2021. Consequent to her retirement, the composition of the board and its committees has been revised and will continue to be in compliance with the requirements of applicable laws, it added.
Source: Business-Standard